Australian police have arrested four Australian citizens on charges of laundering $123 million in cryptocurrency. The criminal network operated through a security company that handled cash transportation.
The 70-strong Queensland Integrated Organised Crime Taskforce began investigating in December 2023. They discovered that the security company’s armoured vehicle division was being used as a front to launder criminal proceeds in cryptocurrency.
The police were finally convinced of the illegal actions of the detainees when they were able to track several illegal transactions totaling about $9,5 million. These funds were then distributed among shell companies.
The accused Australians face several years in prison and the confiscation of property. Authorities have already seized 17 properties, vehicles and frozen several bank accounts.
Cybercriminals are increasingly using mixers, protocols DeFi and cross-chain bridges to hide their transactions and avoid detection. According to Chainalysis, more than $2019 billion in cryptocurrency was transferred from crypto wallets to conversion services from 2024 to mid-100.
